"We will neither confirm nor deny the number but there were no budget cuts specifically for reserve," said Patricia Wexler, managing director, communications, JPMorgan Chase.

"As a part of any planning process, we are always looking for ways to eliminate waste."

Sapphire Reserve card is popular among millennials, who are willing to pay the $450 annual fee for a sign-up bonus worth as much as $1,500 in travel, plus $300 in annual spending credits and more freebies.